Crompton to acquire 55% stake in Buttefly

23 Feb 2022 , 09:08 AM

Crompton Greaves Consumer Electricals has signed definitive agreements on 22 February 2022 to: (a) acquire upto 55% stake in Butterfly, a company engaged in the manufacturing, marketing and distribution of kitchen and small domestic appliances (SDA), at a price of Rs 1,403.00 per equity share, and (b) Trademarks for a consideration of Rs 30.38 crore.

The company will also launch the mandatory open offer to the public shareholders of Butterfly for the acquisition of up to 26% stake at a price of Rs 1,433.90 per equity share. The transaction will be subject to completion of customary closing conditions. The transaction is expected to be financed through a mix of internal accruals and debt.

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